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Open Banking
In-a-Box

Open Banking

Open banking is the practice of sharing customer data between banks, third parties and aggregators in order to promote a more transparent, competitive, and consumer-friendly financial landscape.

Successful implementation of Open Banking involves motivated and prepared market players and effective regulations and regulatory oversight.

Regulation

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Effective regulatory oversight ensures that consumer rights are protected, in that they retain control over and can securely share their financial data. Key issues include:
 

Access
To balances, transactions, payments and products 
 

Portability
To switch between banks and provide access to third parties

Consent
For access to data and revocation of same – with notification to data holders

Transparency
On collection and use of data: what data is being used and why

Data Protection
In terms of access to and use of data and against data breaches

Preparation

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Open Banking also requires motivated and prepared market players (banks, third parties and aggregators) with well-formed business and technology strategies.

Some of the key components from a technology perspective are:

APIs: to provide a standardised way for different software systems to communicate

Data Formats: to ensure interoperability across the entire ecosystem

Security Protocols: to protect consumer data from unauthorised access

Customer Authentication: to ensure that only authorised individuals can access and share their financial data

Error Reporting: Open banking standards provide mechanisms for error handling and reporting issues that might arise during data exchange.

A Framework for New Services

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Open banking offers a framework within which any number of financial services can be enabled for individuals and companies. Examples of the possibilities include:

Payment Initiation
Retailers can initiate payments directly from a customer's bank account

Account Aggregation
Offering a more comprehensive view of a client's financial status

Automated Budgeting
Easier and more effective tracking of income and expenditure

Invoice Reconciliation
Automate the process of matching invoices to transactions

Personalised Marketing
Targeted promotions directly related to spending habits

Open Banking-in-a-Box

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Ostia provides a solution to help banks to quickly and cost-effectively enter the open banking marketplace and meet their regulatory compliance requirements.

 

We call it Open Banking-in-a-Box.

Open Banking-in-a-Box provides:

  1. Compliance
    Certified Compliance in 4-weeks
     

  2. Integration
    A straightforward integration project rather than a development project
     

  3. Performance Measurement
    Compliance and performance measurement
     

  4. Savings
    Huge time, cost and effort savings
     

  5. Platform for Innovation
    A platform for ongoing compliance and innovation

Open Banking-in-a-Box

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Compliance

Ostia provides banks with a secure and fully compliant implementation of the “API Ecosystem” required to fulfill their obligations under Open Banking Regulations; covering access, portability, consent, security, reporting and all required technical components.

                                               

We deliver Sandbox, Test and Production Environments – all configured identically – to ensure an optimum experience for onboarding third-party technology companies.

Integration

Full integration with a bank's systems takes between 2 and 4 weeks to implement.

Ostia employs state of the art data ETL (extract, transform, load) integration capabilities to ensure seamless and secure connectivity with the Open Banking-In-a-Box API Ecosystem and the banks core IT systems. 

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Performance Measurement

The performance of the APIs is consistently measured to ensure two things:

1. The APIs are available and responding

2. The APIs are responding according to agreed SLAs. 

 

The APIs are also continually monitored for compliance with the Open Banking standards so that data quality and consistency from the platform is guaranteed.

Platform for Compliance & Innovation

Open Banking-in-a-Box meets your ongoing compliance and innovation requirements. 

Ostia implements the required updates for new
regulations and standards, ensuring future compliance as new rules emerge.

The platform is available for you to collaborate with your partners and provide innovative new solutions for your customer base.

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Cost

Ostia delivers Open Banking-in-a-Box at a fraction of the cost it would take to develop an in-house solution. 

We are the most cost-effective solution available in the marketplace to:

- Meet your regulatory requirements in weeks (rather than months or years)

- Ensure ongoing compliance and performance

- Enable continuous innovation

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